Competition puts a strain on wheat

Wheat prices fell yesterday for the second day in a row. The December contract closed with a loss of 3.50 euros/t at 231.00 euros/t. The news about the deal between Egypt and Russia for an estimated 500,000 tons of wheat continued to cause stress. Russia's inventories are valued highly and Ukraine's visible efforts to revive Black Sea transport are also putting pressure on price developments. However, overall grain exports are currently around a third below the previous year's level. The Ministry of Agriculture in Kiev announced that the area under wheat cultivation remained at 4.4 percent. According to Ukrainian information, around 3.7 million hectares had been ordered by October 9th. Wheat also went south on the CBT. As reported yesterday, the weekly inventory report on winter wheat sowing did not bring any surprises and therefore had little impact on yesterday's price development. Rather, traders are positioning themselves for today's WASDE, which will be published at 6:00 p.m. CET. The majority of analysts' estimates indicate a slight increase in US wheat reserves. However, before the trading session, the contracts on the CBoT made up for the losses from the previous day.

Please describe your request so that we can prepare for the callback.
Yes, I have read the Privacy Policy note and I consent that the data provided by me, including the contact data, for the processing of the inquiry and in case of questions are electronically collected and stored. My data will only be used strictly for my request and will not be passed without my consent. This consent can be revoked any time with effect for the future.'
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Register now

Jetzt registrieren und ZMP Live+ 14 Tage kostenlos testen!
  • Dauerhaft kostenfrei
  • Keine Zahlungsinformationen erforderlich